NSLSC Repayment Presentation

The National Student Loan Service Centre now hosts a recorded version of their “Repaying your Government Student Loans” webinar that you can watch anywhere and anytime. If you are receiving student loans from Ontario (OSAP) or from another province (except Quebec), your loans are being administered by the NSLSC. Watch the NSLSC’s webinar, which will give you information regarding the repayment of your student loans including the repayment process, hints and tips on how to save on interest and what to do in the event that you are having difficulty making the payments.

Is it Time to Repay your Student Loan?

It is time to start repaying your loan if you have graduated from your studies, have transferred to part-time studies, or are taking a break from your studies that will last longer than 6 months. In all three cases, you must begin repaying your student loan six months after you stop attending school on a full-time basis.

Important Terms

Grace Period: The 6 month period immediately following the end of your full time studies. During this time, no interest will accrue on the Ontario portion of your student loan, nor will you be obligated to make payments.

Consolidation Date: The first day of the seventh month following the month you ceased to be a full time student. On this day, all of your outstanding loans are consolidated.

Your Repayment Responsibilities

Repay your loan, and all interest, according to the terms of your Consolidated Student Loan Agreement

Notify the National Student Loan Service Centre, or other lender, if you change your address, name or telephone number

Repayment Assistance

If you are having trouble repaying your government student loan(s), there is help. Both the Province of Ontario and the Government of Canada offer repayment assistance to help borrowers who are having difficulty repaying their loans. This assistance is provided through the Repayment Assistance Plan (RAP).

RAP is available for the following loans:

Canada-Ontario Integrated Student Loans

Canada Student Loans issued before August 1, 2000

Ontario Student Loans issued before August 1, 2001

Part-Time Canada Student Loans

During periods of repayment assistance you will either:

Be exempt from making monthly loan payments during the eligibility period, or

Make your Affordable Monthly Payment – a reduced monthly payment based on your gross monthly family income and family size

Changes as of November 1, 2016: $25,000 Yearly Income Threshold

As of November, 2016, the federal government implemented changes to government student loan repayment, ensuring no graduate with student loans will be required to make any repayment until they are earning an income of at least $25,000 per year.

This policy is implemented through RAP, with an increase in the loan repayment thresholds to ensure borrowers with gross incomes below $25,000 are assessed an affordable payment of zero. The thresholds for other family sizes are now increased by the same proportion for the family size of 1, as shown in the table below.

Family Size

Revised Annual Income Threshold

Family Size

Revised Monthly Income Threshold

1

$25,000

1

$2,083

2

$39,052

2

$3,254

3

$50,457

3

$4,205

4

$59,512

4

$4,959

5+

$67,825

5+

$5,652

Don’t forget! To be considered for repayment assistance, you must complete and submit an application online.

Higher Ed Points

Higher Ed Points is a program that allows you to redeem your loyalty program points and transfer them to a higher education institution.

Participating loyalty programs include:

Aeroplan Miles

TD Travel Rewards

CIBC Rewards

Higher Ed Points can now be used to make payments on OSAP loans, both by graduates in the repayment phase and by students who are still in school who want to get a head start on paying down their loan principal! All payments made through Higher Ed Points will be allocated to the Ontario portion of the Canada-Ontario Integrated Student Loan. Students will need their loan account number to complete the payment. Visit their website to learn more about the program and eligibility.

NSLSC On-Line Services

An NSLSC on-line service account provides you with an excellent collection of tools to help you:

The Awards Office strongly encourages all student loan borrowers to create and use an NSLSC on-line service account but especially encourages borrowers who have graduated or who soon will graduate to do so.